scholarly journals The Habit of Savings among College students

2020 ◽  
pp. 38-43
Author(s):  
David Doe Fiergbor
Keyword(s):  
College Students ◽  
Financial Literacy ◽  
Financial Management ◽  
Economic Value ◽  
Money Management ◽  
Wealth Creation ◽  
Management Skills ◽  
Management Plans ◽  
Key Money ◽  
To Come

It is not easy to come by money however, money can easily ‘leave' one's possession if not properly managed. Money management skills are therefore important skills for life especially in the youthful days as wealth creation is not entirely about how hardworking an individual is but factors such as his/her ability to understand how money works and apply its management principles are of essence. Savings play an integral aspect of an individual’s financial management skills since it is the bedrock of personal financial success. Savings is not just about setting money aside for future use but also has to do with keeping anything of economic value. Savings are securing assurance today for tomorrow's uncertainties. This paper sought to examine the habit of savings among the college students. The result indicated that the majority of the college students do not save as a result of certain contributory factors such as meager salaries and economic hardships. Also, the majority of the college students do not have definite financial management plans such as savings as a result of inadequate financial literacy. The study concluded on the need for public education on key money management skills such as savings which is a recipe for wealth creation.  

Financial Literacy and Retirement Planning in Sakon Nakhon Province, Nakhon Phanom Province and Mukdahan Province

2020 ◽  
Vol 11 (1) ◽  
pp. 18-18
Author(s):  
Tatiyaporn SIRISAKDAKUL ◽  
Butsakorn KHORNJAMNONG
Keyword(s):  
Financial Literacy ◽  
Financial Management ◽  
Retirement Planning ◽  
Financial Knowledge ◽  
Money Management ◽  
Fundamental Factor ◽  
Goods And Services ◽  
Working Age ◽  
Financial Decision ◽  
Thai People

Financial knowledge or financial literacy is a crucial and fundamental factor for people's living so that they are able to survive with quality but without debts. As money is used as a medium for exchange of either goods or services, people in need of carrying out any activities involving goods and services necessarily depend on money. Unfortunately, Thailand does not emphasize on providing financial knowledge to people, namely understanding financial disciplines, plans and effective money management, for good financial decision and stability. According to a survey of the Bank of Thailand (2019), many Thai people are in debts quite early and tend to be unable to pay back for their debts punctually. This is a point that reflects their lack of skills on financial management or few financial knowledges, thus resulting in a lot of bad debts among those who lack such knowledge. Keywords: Financial literacy,Retirement Planning,Working-age people

Financial Literacy among Turkish College Students: The Role of Formal Education, Learning Approaches, and Parental Teaching

2014 ◽  
Vol 115 (2) ◽  
pp. 351-371 ◽  
Author(s):  
Elif Akben-Selcuk ◽  
Ayse Altiok-Yilmaz
Keyword(s):  
College Students ◽  
Financial Literacy ◽  
Financial Management ◽  
Formal Education ◽  
Learning Approaches ◽  
Turkish University Students ◽  
Literacy Survey ◽  
Deep Approach To Learning ◽  
Literacy Scores

This study assessed financial literacy and its correlates among Turkish college students, with special emphasis on the role of formal education, learning approaches, and parental influences. Financial literacy was measured by the College Student Financial Literacy Survey, which assesses knowledge in four areas: general financial management, saving and borrowing, insurance, and investing. 853 Turkish university students were administered the survey (416 men, 437 women; M age=20.3 yr., SD=0.6). The mean percentage of correct responses was 45% (SD=12.8%). Regression results showed that formal finance education in college, a deep approach to learning, and direct financial teaching by parents were significantly associated with higher financial literacy scores.

scholarly journals Money management and entrepreneurial training in microfinance: impact on beneficiaries and institutions

2021 ◽  
Author(s):  
Lucia Dalla Pellegrina ◽  
Giorgio Di Maio ◽  
Paolo Landoni ◽  
Emanuele Rusinà
Keyword(s):  
Human Capital ◽  
Financial Management ◽  
Randomized Control Trial ◽  
Money Management ◽  
Management Skills ◽  
Training Course ◽  
Self Confidence ◽  
Randomized Control ◽  
Entrepreneurial Training

AbstractThis study uses a randomized control trial to evaluate the outcome of integrating money management and entrepreneurial training into a microcredit program in India. We find positive and significant effects on clients’ financial management skills and entrepreneurship abilities, particularly for clients with higher human capital, or more diligent, or having an entrepreneurial idea, and an increase in initiative and self-confidence. Effects appear stronger for clients obliged to attend the training course or more interested in attending it. By considering missed or delayed repayments reduction we assess the benefits of the training provided and of extending it for the institution.

scholarly journals Pendampingan Manajemen Keuangan Melalui Program Literasi Keuangan Kepada Komunitas Usaha Mikro Kecil dan Menengah (UMKM) yang Terjerat Rentenir di Kabupaten Nganjuk

2019 ◽  
Vol 3 (1) ◽  
pp. 113-126
Author(s):  
Ainna Amalia FN ◽  
Lilis Rahmawati
Keyword(s):  
Community Development ◽  
Financial Literacy ◽  
Financial Management ◽  
Financial Institution ◽  
Financial Inclusion ◽  
Business Community ◽  
Literacy Programs ◽  
Management Skills ◽  
Asset Based Community Development ◽  
Management Capabilities

The development of UMKM in the process does not always go smoothly, sometimes the business also has obstacles, including being entangled by moneylenders. Therefore, the Assistant Team of Al ‘Ula Islamic Financial Institution of STAI Miftahul Ula Nglawak partnered with the NU LKK Nganjuk and Cooperative-UMKM Office of Nganjuk provides capital assistance without interest for MSME community through literacy programs. By using the Asset-Based Community Development (ABCD) method, this study aims to provide financial management assistance for UMKM Community who were entangeled by moneylenders.  The results of the study indicate social change as follows: (1) awareness increases the productivity and work ethic; (2) the emergence of financial management skills through financial literacy; (3) financial literacy, which is the emergence of financial inclusion, financial passport, and financial access issues; (4) the emergence of efforts optimization to empower financial management capabilities; (5) able to make strategic planning to improve the level of the business community; (6) the emergence of new assistants;  (7) there is a partnership between the assistant team and stakeholders.

scholarly journals Financial Well-being of State and Local Government Retirees in North Carolina

2020 ◽  
pp. 184-206
Author(s):  
Robert L. Clark ◽  
Siyan Liu
Keyword(s):  
North Carolina ◽  
Financial Literacy ◽  
Financial Management ◽  
Well Being ◽  
Retirement Savings ◽  
Management Skills ◽  
Financial Decisions ◽  
Standards Of Living ◽  
State And Local Government ◽  
State And Local

This chapter analyzes how low- and moderate-income retirees utilize retirement savings, and how financially fragile they are, relying on survey data on public employees in North Carolina. We investigate whether retirees make systematic errors when they manage their assets so as to maintain their standards of living, and whether there are notable differences in financial management skills across subgroups. We also ask whether financial literacy is positively associated with lower rates of committing such errors and, and whether low-income households have lower levels of financial literacy leaving them likely to make poor financial decisions. We show that many retirees have no emergency cash, and one quarter maintain high-interest debt while leaving low-return funds in retirement saving plans. Suboptimal debt holding is associated with lower household income and lower financial literacy.

scholarly journals Determinants of Personal Financial Literacy in Sri Lanka: With Special Reference to University Students

2021 ◽  
pp. 1-12
Author(s):  
Sudarma Priyadarshani ◽  
J. A. Prasansha Kumari
Keyword(s):  
Sri Lanka ◽  
University Students ◽  
Financial Literacy ◽  
Financial Management ◽  
Work Experience ◽  
Management Skills ◽  
Chi Square ◽  
Course Work ◽  
Main Determinants ◽  
The University

The objective of the study is to determine the factors for the personal financial literacy of university students. The study aims at the determinants that reasoning on personal financial literacy. The sample was selected from a final year student at the University of Kelaniya, Sri Lanka. Pearson Chi-Square was used to test the hypotheses. The study found that faculty, relevant course, work experience, monthly money receiving are the main determinants for the personal financial literacy of undergraduates. On the other hand, gender, education of parents, race, financial management skills, and personal financial literacy are not the significant factors for determinants to personal financial literacy. The outcomes of the study will be useful to academics, policymakers to understand the main determinants for personal financial literacy

scholarly journals An Exploratory Study of Financial Management Practices Among Ghanaian Households

2014 ◽  
Vol 3 (7) ◽  
pp. 393-414
Author(s):  
Redeemer Yao Krah ◽  
Felix Kwame Aveh ◽  
Rebecca Addo
Keyword(s):  
Financial Literacy ◽  
Educational Level ◽  
Financial Management ◽  
Exploratory Study ◽  
Management Practices ◽  
Wealth Creation ◽  
Chi Square ◽  
Bargaining Process ◽  
Budgetary Control ◽  
Family Harmony

This is an exploratory study that investigates the financial management practices of 286 selected households in Greater Accra Regions of Ghana. The main objectives of the study are to examine the budgeting and budgetary control practices of the households and to identify the relationships that exist between the budget culture of a household and their educational level, stage, income, and savings/investment stock. Questionnaire was used in data collection and descriptive statistics such as cross tabulation and Chi-Square test of significance were applied to the data. It was found that most households do not prepare a budget for various reasons. Husband’s dominance of the resource allocation and bargaining process was emphasized by the findings. The study found a significant relationship between household budgeting and level of saving, educational level, income level and age of household. Most households do not seek the assistance of finance experts in financial planning and decision making. We suggest that coordinated measures are put in place by relevant government agencies and finance professionals to boost the level of financial literacy among households and individuals since it has an implication for saving and wealth creation as well as family harmony and unity.

scholarly journals Factors Influencing College Student’s Financial Literacy

2019 ◽  
Vol 1 (2) ◽  
pp. 55
Author(s):  
Lady Lady
Keyword(s):  
College Students ◽  
College Student ◽  
Financial Literacy ◽  
Financial Knowledge ◽  
Financial Behavior ◽  
Money Management ◽  
Strong Impact ◽  
Independent Variables ◽  
Factors Influencing ◽  
Study Results

Awareness of financial knowledge in this era, especially college students, is still scarce. College students are one part of society which increasing each year in numbers and would have strong impact on the economy of a country. College student is one levelbefore get into the working level, which means they have to be more able to depend on their own self in managing their own finances. This study’s purpose is to analyze factors which affect financial literacy of college students in Indonesia. The independent variables used are money management, financial behavior, influence, attitude, and investment. This study survey usedgoogle form which has 28 questions. The sample of this study is 350 college students taken randomly. The data tested by using SPSS program. This study results proved that all of the independent variables affect significantly positive on the financial literacy.

scholarly journals An Appraisal of Financial Literacy between Commerce and Non-Commerce Students (A Case Study of Dr. Harisingh Gour University, Sagar)

2018 ◽  
Vol 12 (01) ◽  
Author(s):  
Nikita Jain ◽  
J. K. Jain
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Money Management ◽  
Management Skills ◽  
Services Sector ◽  
Financial Services Sector ◽  
Software Engineers ◽  
Commerce Students ◽  
And Mathematics

Financial literacy is an essential life skill. Money management is a critical intellectual competency and an essential component of a student’s success in life. If the purpose of education is to prepare a child for the future, knowledge of personal finance cannot be left out of the curriculum. However, our education system is not geared to impart financial literacy. It teaches our kids Science, Economics, Humanities and Mathematics but does not prepare them for the real world. What come out of the assembly line are the professionals who earn well but have low money management skills. Even IIT grads, Software Engineers and those in the financial services sector are all at sea when it comes to investments, tax planning or saving for retirement. They learn their money lessons the hard way by burning their fingers, which can dent their financial future.

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